Miners bolster European shares after Chinese data

lunes 2 de junio de 2014 07:40 GYT

* FTSEurofirst 300 index up 0.3 pct

* Chinese factory activity lifts miners

* Strong PMIs help Spain but weakness returns to France

By Tricia Wright

LONDON, June 2 (Reuters) - European shares started the month positively on Monday, buoyed by strong economic data from China that helped to allay concerns about growth rates there.

Basic resources stocks, including miners and other commodity companies, rose 1.3 percent, one of the biggest sectoral gainers, after data showed Chinese factory activity expanded at its fastest pace in five months in May.

Miners, acutely sensitive to the health of China's economy since it is the top metals consumer, had fallen on Friday on worries over its economy - which, alongside lacklustre growth globally, have deterred recent investment into the sector.

Miners have risen under 2 percent this year, against a more than 5 percent advance from the STOXX Europe 600, with Rio Tinto languishing around 2014 lows while the broader index is trading at its peak for the year.

The sector might have seen a burst higher on Monday, but these gains could prove short-lived.   Continuación...